BancorpSouth To Merge With Ouachita Bancshares - Quick Facts

(RTTNews) - BancorpSouth, Inc. (BXS) the parent company of BancorpSouth Bank, announced signing of a definitive merger agreement with Ouachita Bancshares Corp. and subsidiary, Ouachita Independent Bank, headquartered in Monroe, Louisiana. The merger has been unanimously approved by the boards of both companies and is expected to close during the second quarter of 2014.

Ouachita Independent Bank operates twelve full-service banking offices and has total assets of $652.5 million, total loans of $477.8 million and total deposits of $549.7 million as of December 31, 2013.

BancorpSouth will issue a maximum of 3.67 million shares plus $22.875 million in cash for all outstanding shares of Ouachita Bancshares capital stock, subject to certain conditions and potential adjustments. The terms of the agreement provide for a collar with respect to the total deal value ranging from $99 million to $112 million.

Clyde White will continue to serve as Chairman of the board of OIB and Kevin Koh will continue to serve as OIB's chief executive Officer until the merger is completed. After that date, Kevin Koh will become BancorpSouth's Division President with responsibility for Northeast Louisiana markets including Monroe-West Monroe.